The Portland daily press., 1887-09-16
DOWNRIGHT ROBBERY.
Atherton, of Nashua, AssaiIs the
Boston & Maine.
souIless Corporations and Their De-
signs on the confiding Public.
The State of New Hampshire Per
sonIfied In Frank Jones.

CONCORD, n. H., Sept l5.-ln the New
Hampshire House this forenoon debate on
the railroad question was resumed.
Hon. o. C. Moore of Nashua said 1t had
been mutually agreed by the friends of both
bills that the debate be brought to a close
next Thursday.
Mr.. Atherton of Nashua, who introduced
the Atherton bill. spoke in opposition to the
Hazen bill. He said the stock and bonds Of
railroad represented its value. the cost,
equipment and construction. The dividends
represented how much the people were
| obliged to pay for the transportation of
business, and these payments were made by
| consumers, each of whom contributes his
| share. This tax came from the people and
nobody else. SO long as there was honest
transaction of business and the payment of
honest dividends the railroads had an euui.-
able mortgage on the public. When stock
was issued without any value, when diyi-
dends were paid thereon, the public was
compelled to pay tribute for no considera-
tion. This latter was stock watering-yes,
downright robbery, and should be punished
as grand larceny. Mr.. Burns, counsel for
the Boston & Maine had said that the bonds
and stock were ne representation of the
value of railroad. It had been shown that
If the plan of the Maine were carried out it
would have capital of $110,0OO,OOO. Mr..
Burns had seen one million paid out as dam
ages for an accident and charged it to the
construction account, and he had also seen
$500 shares OF stock of the Worcester,
Nashua d Rochester railroad divided among
a few men without any consideration.
Hence II was not strange that Mr.. Burns
should have had the idea he urged with so
much force to the committee. few years
ago Nashua had six railroad lines centering
tnere. Now there were but two. If the
Hazen bill passed, competition would be de-
stroyed. Her citizens wanted competition.
and to secure it they had expended large
sums OF money: Some IS years ago it was
urged that by the construction of the Nashua
u Rochester it would form part of great
transcontinental line. The accounts Were
so glowing that Nashua put in 1924, ,OC0. The
road was built. but the business did not
prove as good as was expected. Its stock in
1873 fell to S1S per share. In 1883 both lines
consolidated by consent of the Legislature.
In 1884 Mr.. Sinclair was elected director and
kept on buying stock, doing, as he testified
all he could to keep the stock down. Octo-
Der ., 1885, he went, before the Nashua City
government and offered par for its shares,
and the following day his proposition was
accepted and he paid the money.
The speaker then went on to say that the
Boston " Lowell never operated a rod of
road in New Hampshire legally, and they
know it; and yet they asked the Legislature
to ratify the lease of the upper roads. The
Boston & Maine knew when it leased the
upper roads of the Lowell that it was acting
illegally, as 1t had decision of the Supreme
Court In the Dow case staring it in the face.
Last year. as shown by the report of the
railroad commissioners. there were 90 rail-
road accidents in New Hampshire, SO on lines
operated by the Lowell. There were %
fatalities, IA on the Lowell. OF the 1,025
miles OF road in the State. the Lowell oper-
ated but 421. These figures did not show
that there was good management. Although
the bookkeeping of the road was apparently
good, from 1880 to 1887 its Indebtedness had
been increased S6,659,3l1. The object for
increasing Its Indebtedness was for stock
manipulating purposes.
The bill introduced by the speaker pro-
ylded for an union of the Concord and the
Boston, Concord q Montreal into one line,
ana Tor leasing the Northern and its
branches. If there was any stock watering
scheme IN 1t, If pointed out he would offer
an amendment to prevent it. By uniting the
Concord and Montreal the surplus OF the
former would not be diverted and the people
OF the upper sections of the State would
continue to have the use of it. The COM
Dined stock OF both roads would be only six
millions, while the property would actually
be worth ten millions. He believed in
strong @ New hampshire system, honestly
managed as the Concord road had been.
Parallel lines should not be consolidated be-
cause It destroyed competition.
III the statement made in Boston paper
that Frank Jones was the Boston & Maine
railroad were true, then Frank Jones would
be the State of New Hampshire If the Hazen
phi passed. Then good by to the town meet
ing system and good-by to the free Democ-
racy, OF the North. Federal office-hOlders
would manipulate conventions and the right
OF the people would be subordinate to the
Wishes OF LlH railrnad Einn Ac nil of
the State he hoped to be preserved from any
such calamity